MIRA INFORM REPORT
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Report No. : |
322437 |
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Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
EMAMI PAPER MILLS LIMITED |
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Registered
Office : |
687, Anandapur, Kasba Golpark, E.M. Bye Pass, Kolkata – 700 107, West
Bengal |
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Tel. No.: |
91-33-66136264/ 66136471 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.09.1981 |
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Com. Reg. No.: |
21-034161 |
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Capital
Investment / Paid-up Capital : |
Rs. 545.998 Million |
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CIN No.: [Company Identification
No.] |
L21019WB1981PLC034161 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALE01664F |
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PAN No.: [Permanent Account No.] |
AABCG1428Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacturing of paper and real estate business. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Emami Group”. It is an established company having good track record. The rating reflect company sound financial risk profile marked by
healthy net worth position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. In view of experienced promoters and continuing group support, the
company can be considered normal for business dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Faculties = A |
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Rating Explanation |
Adequate degree of safety and carry low credit risk |
|
Date |
04.09.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Faculties = A1 |
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Rating Explanation |
Very strong degree and carry very lowest credit risk |
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Date |
04.09.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Mukesh Agarwal |
|
Designation : |
Finance Department |
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Contact No.: |
91-33-66136264 |
|
Date : |
18.05.2015 |
LOCATIONS
|
Registered Office : |
687, Anandapur, Kasba Golpark, E.M. Bye Pass, Kolkata – 700 107, West
Bengal, India |
|
Tel. No.: |
91-33-66136264/ 66136471 |
|
Fax No.: |
91-33-66136400 |
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E-Mail : |
gulmohar@emamipaper.in emamipaper@emamipaper.in sjha@emamipaper.in gsaraf@emamipaper.in |
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Website : |
http://www.emamipaper.in |
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Factory 1 : |
Balgopalpur, Post Rasulpur, Balasore – 756 020, Orissa, India |
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Factory 2 : |
R.N. Tagore Road, Alambazar, Dakshineswar, Kolkata – 700 035, West Bengal, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Aditya Vardhan Agarwal |
|
Designation : |
Executive Chairman |
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Address : |
118, Southern Avenue, Kolkata – 700 029, West Bengal, India |
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Date of Birth/Age : |
06.01.1975 |
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Qualification : |
B.Com. |
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Expertise in specific functional areas : |
Well-known industrialist.
Rich and varied experience in marketing, corporate planning, business
development, strategy formulation and overall management. |
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Date of Appointment : |
23.10.2000 |
|
|
|
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Name : |
Mr. Manish Goenka |
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Designation : |
Whole Time Director |
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Address : |
110 A, Southern Avenue, Kolkata – 700 029, West Bengal, India |
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Date of Birth/Age : |
07.02.1974 |
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Date of Appointment : |
01.02.2000 |
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Name : |
Mr. P.S. Patwari |
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Designation : |
Executive Director |
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Address : |
58 B Block, D New Alipore, Kolkata – 700 053, West Bengal, India |
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Date of Birth/Age : |
58 Years |
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Qualification : |
B.Com. FCA |
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Expertise in specific functional areas : |
Extensive experience
in the area of finance, accounting, corporate planning, business development,
strategy formulations and overall management. |
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Date of Appointment : |
28.11.1994 |
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|
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Name : |
Mr. M.B.S. Nair |
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Designation : |
Director - Operations |
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Name : |
Mr. J.N. Godbole |
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Designation : |
Director |
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Name : |
Mr. H.M. Marda |
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Designation : |
Director |
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Name : |
Mr. J.K. Khetawat |
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Designation : |
Director |
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Name : |
Mr. S. Balasubramanian |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
71 Years |
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Qualification : |
B.Com, L.L.B.,
A.C.A.A.C.S., AICWA, DMA(ICA) |
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Expertise in specific functional areas : |
He is former Chairman
of Company Law Board, has rich and varied experience in corporate law. He is
a well-known personality for his valuable contribution to the corporate
world. He was also former member of Indian Postal Service and having senior
level experience in public sector. |
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Date of Appointment : |
05.05.2010 |
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Name : |
Mr. U. Gururaja Bhat |
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Designation : |
Director |
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Address : |
A3, Amaravatee Apartments, 2nd Main Road, Gandhi Nagar,
Adyar, Chennai – 600 020, Tamilnadu, India |
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Date of Birth/Age : |
15.04.1938 |
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Date of Appointment : |
26.09.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Ghanshyam Saraf |
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Designation : |
Vice President (Finance) and Company Secretary |
|
Address : |
AE 397, Salt Lake City, Sector I, Kolkata – 700 064, West
Bengal, India |
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Date of Birth/Age : |
01.01.1957 |
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Date of Appointment : |
28.05.1994 |
|
Name : |
Mr. Mukesh Agarwal |
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Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
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|
|
|
(A) Shareholding of Promoter and Promoter Group |
||
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|
|
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|
5656976 |
9.35 |
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|
39576160 |
65.42 |
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|
45233136 |
74.77 |
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|
|
|
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|
125000 |
0.21 |
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|
125000 |
0.21 |
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Total shareholding of Promoter and Promoter Group (A) |
45358136 |
74.97 |
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(B) Public Shareholding |
||
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|
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|
11618681 |
19.20 |
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|
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|
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|
1659704 |
2.74 |
|
|
1847064 |
3.05 |
|
|
15465 |
0.03 |
|
|
12140 |
0.02 |
|
|
3325 |
0.01 |
|
|
15140914 |
25.03 |
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Total Public shareholding (B) |
15140914 |
25.03 |
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Total (A)+(B) |
60499050 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
60499050 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing of paper and real estate business. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
Note: LONG TERM
BORROWINGS Nature of Security : (i) Term loans of ` 43,719.09 Lacs (`
34,214.32 Lacs) are secured by
deposit of title deeds in respect of present and future immovable properties
and hypothecation of present and future movable fixed assets on a pari-passu
basis and second charge on current assets on pari-passu basis. (ii) Term loans of Rs. 21.434 Million (Rs.
1, 67.477 Million) are
supported by personal guarantee of some of the promoters and second /
subservient charge on all movable assets of the company ranking pari-passu. Terms
of repayment of term loans : (i) ICICI ECB USD 0.96 million
equivalent to Rs. 57.404 Million(USD 4.79 million equivalent to Rs. 2,60.140 Million) carries interest @ 6 M Libor +
1.70% p.a. is repayable in the quarter ended 30th June, 2014. (ii) ICICI ECB USD 2.06 million
equivalent to Rs. 1,23.544 Million (USD 4.810 million equivalent to Rs.2,61.271 Million) carries interest @ 6 M Libor +
1.00% p.a. is repayable in 3 quarterly installments up to December, 2014. (iii)
Allahabad Bank ECB USD 8.70 million equivalent to Rs. 5, 21.130 Million (Nil) carries interest @ 6 M Libor
+ 4.50% p.a. is repayable in 20 quarterly installments commencing from June,
2016. (iv) Exim Bank ECB USD 0.720
million equivalent to Rs.
43.215 Million (Nil) carries interest
@ 6 M Libor + 4.75% p.a. is repayable in 28 quarterly installments commencing
from June, 2016. (v) Axis Bank ECB USD 4.50
million equivalent to Rs.
2,69.550 Million (Nil) carries
interest @ 6 M Libor + 4.65% p.a. is repayable in 20 quarterly installments commencing from October,
2016. (vi) IDBI Bank ECB USD 4.00
million equivalent to Rs.
2,396.000 Million (Nil) carries
interest @ 6 M Libor + 5.00% p.a. is repayable in 24 equal quarterly
installments commencing from April, 2017. (vii) SBI FCNR (B) USD 11.430
million equivalent to Rs.
6,84.537 Million (USD 16.410
million equivalent to Rs.
8,91.137 Million) carries
interest @ 6 M Libor + applicable Spread p.a. is repayable in 5 quarterly
installments upto June, 2015. (viii) Indusind Bank FCNR (B)
USD 0.360 million equivalent to Rs.
21.434 Million (USD 1.790
million equivalent to Rs.
97.133 Million) carries
interest @ Libor + 5.00 % p.a. is repayable in the quarter ended 30th June,
2014. (ix) SBI FCNR (B) USD 12.97
million equivalent to Rs.
7,77.129 Million (Rs. 7,00.000 Million) carries interest @ 6 M Libor +
applicable spread p.a. is repayable in 20 quarterly installments starting
from June, 2015. (x) SBH Rupee Term loan
amounting to Rs.4,99.971 Million (Rs.
4,99.971 Million) carries
interest @ SBH Base Rate + 3% p.a. is repayable in 12 quarterly installments
commencing from June, 2014. The company has entered into principal only swap
for this loan in USD, value of which as on 31.03.2014 is Rs. 5,59.082 Million. (xi) ICICI Rupee Term loan amounting
to Rs. 6,00.000 Million (Rs.
6,00.000 Million) carries
interest @ ICICI Bank base rate + applicable spread p.a. is repayable in 20
quarterly installments commencing from Deccember, 2014. The company has
entered into principal only swap for this loan in USD, value of which as on
31.03.2014 is Rs. 6,75.332 Million. (xii) ICICI Rupee Term loan
amounting to ` 4,000 Lacs (Nil) carries interest @ ICICI Bank base
rate + applicable spread p.a. is repayable in 20 quarterly installments
commencing from September, 2015. The Company has entered into principal only
swap for this loan in USD, value of which as on 31.03.2014 is Rs. 4, 21.386 Million. SHORT TERM
BORROWINGS Nature
of Security : Short Term Borrowings are
secured by hypothecation of present and future stock of materials,
stock-in-process, finished goods, stores and spares, book debts, outstanding
money, claims receivable and further secured by way of second charge on all
immovable and movable properties/fixed assets both present and future on a pari
passu basis. |
|
Auditors : |
|
|
Name : |
S.K. Agrawal and Company Chartered Accountants |
|
Address : |
4-A, |
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|
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Unit Auditors : |
|
|
Name : |
Salarpuria Jajodia and Company Chartered Accountants |
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Address : |
7, C.R. Avenue, Kolkata – 700 072, West Bengal, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises over which Key management personnel are
able to exercise significant influence : |
Emami
Limited Emami
Biotech Limited (upto 10.07.2012) Emami
Cement Limited Emami
Foundation Oriental
Sales Agencies (India) Private Limited Suntrack
Commerce (P) Ltd. Sneha
Enclave Private Limited Sneha
Gardens Private Limited Emami
Estates Private Limited Bhanu
Vyapaar Private Limited Auto
Hi-Tech Private Limited Diwakar Viniyog Private Limited |
CAPITAL STRUCTURE
After 11.08.2014
Authorised Capital : Rs. 736.500
Million
Issued, Subscribed & Paid-up Capital : Rs. 733.498 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,20,00,000 |
Equity Shares |
Rs.2/- each |
Rs.124.000 Million |
|
|
|
|
|
|
50,00,000 |
Preference Share |
Rs.100/- each |
Rs. 500.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.624.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,04,99,050 |
Equity Shares |
Rs.2/- each |
Rs.120.998
Million |
|
|
|
|
|
|
42,50,000 |
Preference Share |
Rs.100/- each |
Rs.425.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.545.998 Million |
Notes:
a) Reconciliation
of the shares outstanding at the beginning and at the end of the reporting year
I) Equity Shares
|
Particulars |
As at 31.03.2014 |
|
|
No.
of Shares |
Amount
(Rs.
in Millions) |
|
|
At the beginning of the year |
60,499,050 |
120.998 |
|
At the end of the year |
60,499,050 |
120.998 |
II) Preference
Shares
|
Particulars |
As at 31.03.2013 |
|
|
No.
of Shares |
Amount
(Rs.
in Millions) |
|
|
At the beginning of the year |
2,000,000 |
2000.00 |
|
Add: Shares issued during the year |
2,250,000 |
2250.00 |
|
At the end of the year |
4,250,000 |
4250.00 |
b) Terms / rights attached to shares
i) Equity shares :
The
Company has only one class of equity shares having a par value of Rs. 2/- per
share. Each holder of equity shares is entitled to one vote per share. The
Company declares and pay dividend in Indian rupees. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting. In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive remaining assets of the
company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
ii) Preference
shares : During the year ended 31st March, 2014 the Company issued 22,50,000
(20,00,000) cumulative redeemable non-convertible preference shares (CRNPS) of
` 100 each fully paid up at a premium of ` 300 per share. CRNPSs carry
cumulative dividend @8% p.a. The Company declares and pay dividends in indian
rupees on pro-rata basis from the date of allotment. The dividend proposed by
the board of directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting. Holders of CRNPS have voting rights on matters
pertaining to CRNPS. In the event of liquidation of the company before
redemption of CRNPS, the holders of CRNPS will have priority over equity shares
in the repayment of capital. The CRNPS is redeemable on the expiry of 12 years
from the date of issue at a premiumof Rs. 500 per share with an option to
redeem it earlier at a premium of to be decided mutually between the company
and the CRNPS holders at a meeting of CRNPS holders called for this purpose.
c) Shareholders
holding more than 5% shares in the company
I) Equity Shares
|
Name of
Shareholder |
As at 31.03.2014 |
|
|
No.
of Shares |
%
of Holding |
|
|
Diwakar Viniyog Private Limited |
9628713 |
15.92 |
|
Emami Limited |
7946000 |
13.13 |
|
Suntrack Commerce Private Limited |
7633900 |
12.62 |
|
Bhanu Vyapaar Private Limited |
6005250 |
9.93 |
II) Preference
Shares
|
Name of
Shareholder |
As at 31.03.2014 |
|
|
No.
of Shares |
%
of Holding |
|
|
Emami Estates Private Limited |
375000 |
18.75% |
|
Zandu Realty Limited |
350000 |
17.50% |
|
Suraj Viniyog Private Limited |
275000 |
13.75% |
|
Pan Emami Cosmed Limited |
250000 |
12.50% |
|
Oriental Sales Agencies India Private Limited |
250000 |
12.50% |
|
Bhanu Vyapaar Private Limited |
225000 |
11.25% |
|
Bhanu Vyapaar Private Limited |
604000 |
14.21% |
|
Suntrack Commerce Private Limited |
317000 |
7.46% |
|
Diwakar Viniyog Private Limited |
318000 |
7.48% |
|
Emami Realty Limited |
175000 |
4.12% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
545.998 |
320.998 |
120.998 |
|
(b) Reserves & Surplus |
3060.277 |
2275.872 |
1608.958 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3606.275 |
2596.870 |
1729.956 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3711.591 |
2613.435 |
2916.810 |
|
(b) Deferred tax liabilities
(Net) |
403.934 |
382.684 |
368.907 |
|
(c) Other long term
liabilities |
4.635 |
3.824 |
2.566 |
|
(d) long-term provisions |
14.287 |
8.533 |
6.275 |
|
Total
Non-current Liabilities (3) |
4134.447 |
3008.476 |
3294.558 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1161.788 |
1131.223 |
1147.549 |
|
(b) Trade payables |
255.645 |
141.131 |
90.822 |
|
(c) Other current liabilities |
741.572 |
1057.177 |
1120.446 |
|
(d) Short-term provisions |
70.963 |
42.674 |
42.188 |
|
Total
Current Liabilities (4) |
2229.968 |
2372.205 |
2401.005 |
|
|
|
|
|
|
TOTAL |
9970.690 |
7977.551 |
7425.519 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4518.513 |
4360.584 |
4412.169 |
|
(ii) Intangible Assets |
5.812 |
5.854 |
5.095 |
|
(iii) Capital work-in-progress |
1674.945 |
888.763 |
696.746 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5.715 |
5.765 |
5.765 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
637.735 |
299.471 |
280.784 |
|
(e) Other Non-current assets |
0.118 |
0.100 |
0.000 |
|
Total
Non-Current Assets |
6842.838 |
5560.537 |
5400.559 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.040 |
0.000 |
0.000 |
|
(b) Inventories |
730.723 |
766.170 |
781.425 |
|
(c) Trade receivables |
460.339 |
471.853 |
504.572 |
|
(d) Cash and cash equivalents |
1648.345 |
746.322 |
228.507 |
|
(e) Short-term loans and
advances |
288.405 |
432.462 |
510.456 |
|
(f) Other current assets |
0.000 |
0.207 |
0.000 |
|
Total
Current Assets |
3127.852 |
2417.014 |
2024.960 |
|
|
|
|
|
|
TOTAL |
9970.690 |
7977.551 |
7425.519 |
|
|
|
|
|
|
Current Maturities of
Long-Term Debts |
681.752 |
975.474 |
10,34.031 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
5465.651 |
5100.161 |
4950.776 |
|
|
Other Income |
33.774 |
18.08 |
15.806 |
|
|
TOTAL
|
5499.425 |
5118.241 |
4966.582 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3093.608 |
2817.29 |
2800.387 |
|
|
Purchases of Stock-in-Trade |
|
|
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(15.651) |
70.911 |
62.43 |
|
|
Employees benefits expense |
287.09 |
245.222 |
219.791 |
|
|
Other expenses |
1396.007 |
1249.987 |
1232.537 |
|
|
TOTAL
|
4761.054 |
4383.410 |
4315.145 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
738.371 |
734.831 |
651.437 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
190.28 |
302.216 |
263.715 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
548.091 |
432.615 |
387.722 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
316.591 |
303.29 |
271.622 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
231.500 |
129.325 |
116.100 |
|
|
|
|
|
|
|
Less |
TAX |
45.370 |
13.777 |
33.03 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
186.130 |
115.548 |
83.070 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
117.032 |
94.158 |
103.276 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
Proposed Dividend on Equity
Shares |
36.300 |
36.300 |
36.300 |
|
|
Proposed Dividend on
Preference Shares |
24.355 |
0.175 |
0.000 |
|
|
Tax on Dividend |
10.308 |
6.199 |
5.888 |
|
|
Total
|
120.963 |
92.674 |
92.188 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
182.199 |
117.032 |
94.158 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.61 |
1.91 |
1.37 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
681.752 |
975.474 |
9,75.474 |
|
Cash generated from operations |
999.533 |
901.176 |
9,01.286 |
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2015 |
31.12.2014 |
31.09.2014 |
|
Type |
|
|
|
|
Net Sales |
1274.900 |
1308.800 |
1321.700 |
|
Total Expenditure |
1140.100 |
1185.700 |
12.070 |
|
PBIDT (Excl OI) |
134.800 |
123.100 |
114.400 |
|
Other Income |
20.9000 |
13.300 |
21.000 |
|
Operating Profit |
155.700 |
136.400 |
135.400 |
|
Interest |
56.600 |
35.000 |
29.700 |
|
Exceptional Items |
N.A |
N.A |
N.A |
|
PBDT |
99.100 |
101.400 |
105.700 |
|
Depreciation |
87.500 |
60.600 |
60.000 |
|
Profit Before Tax |
11.600 |
40.800 |
45.700 |
|
Tax |
18.400 |
7.400 |
7.600 |
|
Provisions and contingencies |
N.A |
N.A |
N.A |
|
Profit After Tax |
(6.800) |
33.400 |
38.100 |
|
Extraordinary Items |
N.A |
N.A |
N.A |
|
Prior Period Expenses |
N.A |
N.A |
N.A |
|
Other Adjustments |
N.A |
N.A |
N.A |
|
Net Profit |
(6.800) |
33.400 |
38.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin |
(%) |
3.41 |
2.27 |
1.68 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
13.51 |
14.41 |
13.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.79 |
1.83 |
1.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.05 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.54 |
1.82 |
2.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40 |
1.02 |
0.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
120.998 |
320.998 |
545.998 |
|
Reserves & Surplus |
1608.958 |
2275.872 |
3060.277 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1729.956 |
2596.870 |
3606.275 |
|
|
|
|
|
|
long-term borrowings |
2916.810 |
2613.435 |
3711.591 |
|
Short term borrowings |
1147.549 |
1131.223 |
1161.788 |
|
Current Maturities of
Long-Term Debts |
1034.031 |
975.474 |
681.752 |
|
Total
borrowings |
5098.390 |
4720.132 |
5555.131 |
|
Debt/Equity
ratio |
2.947 |
1.818 |
1.540 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4950.776 |
5100.161 |
5465.651 |
|
|
|
3.017 |
7.166 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
4950.776 |
5100.161 |
5465.651 |
|
Profit |
83.070 |
115.548 |
186.130 |
|
|
1.68% |
2.27% |
3.41% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
Yes |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
Yes |
|
13 |
Type of business |
-- |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
No |
|
33 |
Market information |
No |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
FINANCIAL PERFORMANCE
The Company
continued to maintain its leadership position in the Indian Newsprint industry
as a preferred supplier to the leading newspaper publishers. Emami Paper’s firm
Commitment of delivering superior quality products at competitive price has
been a major factor for its prestigious position in the industry. During the
year, The Company registered a growth in the turnover from Rs. 4998.900 Million
in 2012-13 to Rs. 5453.800 Million in 2013-14. By achieving continued
operational efficiency enhancements at all levels of operations, the Company’s
profit after tax (PAT) has shown growth from Rs. 115.500 Million in 2012-13 to
Rs. 186.100 Million in 2013-14. Despite poor performance of the paper industry
particularly newsprint, the performance of the Company should be considered
satisfactory.
Management Discussion and Analysis
GLOBAL SCENARIO
There
is a paradigm shift in the global paper and paperboard industry, with Asia continuing
to grow faster than the rest of world. This trend is expected to continue in
2014, with developing countries expected to grow by 6%. More significantly,
China and India are expected to outpace and register higher than the regional
average growth. Developed countries are expected to report a flat demand
growth, as against a 2% decline they saw in the past two years. India is likely
to be one of the fastest rising markets at an estimated 6.5% growth. Such shift
in demand, coupled with relatively low per capita consumption of paper in India
offers attractive opportunities for paper industries. Globally, demand of paper
is unevenly distributed as nearly 70% of the world's paper is consumed by 22%
of the world's population - in the US, Europe and Japan. The world demand for
paper is expected to grow by around 3.2% annually, reaching an estimated 500
million tons by 2020, with significant growth coming out of Asia and Eastern
Europe.
INDIAN ECONOMY
The
Indian economy made significant strides over the last few years with gross
domestic product (GDP) projected to grow at an average of 6.5% in 2013-14,
keeping the country as one of the fastest-growing economies of the world. India
is the world’s third largest economy in terms of the purchasing power parity (PPP)
and has investments amounting to nearly USD 1 trillion lined up in partnership
with the private sector over the coming years. The largely broad-based nature
of the country’s economy is represented by the fact that agriculture accounts
for 17%, industrial 18% and services-based sectors 65% (Source : IBEF).
INDIAN PAPER INDUSTRY
The
total installed capacity of paper in India is approximately 12 million tons.
The industry is highly fragmented with over 700 mills. Only 50 mills have
capacity of 50,000 TPA. While India accounts for nearly 15 per cent of the
world population, it consumes only 3% of the global paper production. At about
9 kgs, the country's per capita paper consumption is low as compared to the
world average of around 55 kgs (Source
: CRISIL). India is rated as one of the fastest growing paper
markets on the back of healthy GDP growth. As per projections, the paper and
paperboards industry is expected to cross 20 MTPA by 2020 and 40 MTPA by 2030
with an annual growth nrate of between 7-8%. Over the years, aspiration levels
of the growing middle class, improving standards of living, better educational
opportunities and governmental support are some of the prime reasons for the
rising trend in consumption. This trend is expected to continue. It is
estimated that an increase in consumption by one kg per capita can potentially
increase annual paper demand by a million tons. Over the years, in line with
the improvement in the wellbeing of people and rising literacy and aspiration
levels, paper usage has
increased.
The estimated turnover of the industry is ` 35,000 crores approximately and the
industry provides employment to more than 370,000 people directly and 1,300,000
indirectly. The paper industry is divided into four segments i.e. Newsprint,
(NP), Writing & Printing Paper (WPP), Industrial Paper and Specialty Paper.
EPML produces 0.130 Million tons per annum of Newsprint, approximately 15% of
the total production of newsprint in the country. Nationwide Writing &
Printing Paper accounts for about 35%, Newsprint 19%, Industrial paper 40% and
specialty papers 6% of total production. The domestic paper industry is broadly
divided into three categories i.e. wood-based 40%, agro-based 30% and waste
paper based (recycled fiber) 30%. EPML uses waste paper as the primary raw
material.
Newsprint sector
India
led the world in terms of newspaper circulation with a massive pile of 374
million newspapers circulated daily (Source: Registrar of Newspapers for India)
with the total number of registered newspapers at over 86,000. According to the
National Readership Survey, India has more daily newspaper than any other
nation; out of the world’s 100 largest newspapers, 20 are Indian. The demand
for newsprint in the country is expected to grow at a rate of 9 percent and
India’s paper consumption is expected to increase from 2.1MTPA in 2012-13 to
3.0 MTPA by 2015-16 and 3.5 MTPA by 2017-18 (Source : CRISIL). The Indian newsprint market is characterised
with voluminous demand and a high growth rate. However, the capacity of Indian
paper mills is insufficient to meet the demand; almost 60% of the demand of
about 2.4 MTPA is addressed by way of newsprint imports.
Printing and publishing sector
Over
the years, the global printing industry has grown making giant strides through
improved equipment (scope, technology and speed). The Indian publishing sector
is one of the largest in the world; the country is counted among the top-seven
publishing nations. The size of the Indian publishing and printing industry is
estimated at USD 1.9 billion and USD 25 billion, respectively. The size of the
Indian book printing market is estimated at about Rs.70000.000 Million and
projected to touch Rs. 10,0000.000 Million by 2016 (Source : Pira International).
Moreover, India is emerging as an outsourcing hub of publishing and printing
services, the country accounting for a 60 percent share of the global
publishing outsourcing business. This robust growth in printing and publishing
sector leaves immense scope for the Indian paper industry to grow at a pace in
line or even ahead of GDP growth.
Packaging
sector
The
Indian packaging industry is estimated at RFs. 63,0000.000 Million, growing at
11% annually and expected to cross Rs. 95,0000.000 Million by the year 2015 (Source: CRISIL). Demand for
packaging is driven by a high growth in volume sales mostly consumer goods
categories. Growth in organised and modern retailing channels (supermarkets and
hypermarkets) represent the main driver of this shift towards packaged goods.
As these modern retail outlets are better equipped to showcase packaged
products compared to traditional retail outlets, the role of packaging in
influencing purchasing in-store decisions is greatly increasing. This has made
packaging a more potent marketing tool than before. The use of packaged goods
products is trickling down from India’s large cities to rural masses. The rise
in competition among consumer goods manufacturers and an increasing focus in
providing consumers convenient closures are among the key growth drivers.
India’s retail industry is expected to grow 7% over the next decade, reaching a
size of USD 850 billion by 2020. Traditional retail is expected to grow at 5%
and reach a size of USD 650 billion while organized retail is expected to grow
at 25% and reach a size of USD 200 billion by 2020 (Source: CRISIL).
KEY INDUSTRY DRIVERS
Rise
of vernacular newspapers: CRISIL expects demand for newsprint
to grow 9.5-10.5% CAGR over the next five years - from 2.1 MTPA in 2012-13 to
3.5 million tonnes in 2017-18, driven by higher literacy and increase in the
number of pages per newspaper due to rising advertising spends.
Advertising revenues growth in print media : A
report by Motilal Oswal indicates that the Indian print media industry, which
accounted for 45% of the total advertising spend in the country, is headed for
a rebound with advertising growth (revenue) improving 4-5% year on- year and to
11% over FY13-15 on the back of stable GDP
growth, anticipated easing in interest rates and a low-base effect.
Local
print media proliferation : New newspapers being published in
India will continue to grow at around 6 percent annually. While the era of
24-hour news channels on television has had its impact on the circulation
numbers of newspapers, it is evident that India still wakes up to the
newspaper. The highest circulated daily in India still remains a regional
language newspaper (Source: TMT India
2013).
Growth
in education, office space to drive demand for W&P paper : Demand
for W&P (writing and printing paper) is projected to grow at 6.5-7% CAGR
from 3.8 MTPA in 2012-13 to 5.3 MTPA by 2017-18. Strong growth is expected in
the copier, coated and maplitho segments. Within W&P, demand growth for
copier paper is likely to be the strongest at around 14 percent CAGR from
2012-13 to 2017- 18. Rise in office space absorption is likely to translate
into stronger demand for high-quality copier paper from the office printing
segment and hence the share of copier paper in the total demand pie for W&P
will increase from 17 percent in 2012- 13 to around 20 percent in 2017-18.
Rising
demand for paperboard : Demand for paperboard is projected to
grow at 7-7.5% CAGR from 5.6 MTPA in 2012-13 to 7.9 MTPA in 2017-18, driven by
growth in industrial production and sustained demand for consumer goods due to
increase in penetration of organised retail. CRISIL Research expects paperboard
to account for 56 percent of packaging board demand in volume terms in 2012-
13. Trends like change in lifestyle and socio economic factors have led to a
sharp rise in demand for packaging paper as reflected in the improved packaging
of FMCG products, rising spends on healthcare and over-the-counter medicines
and increasing preference for ready-to-eat food products.
EMAMI’S INDUSTRY PRESENCE
Emami
Paper Mills Limited, part of the Emami Group of Industries has paper mills
located in Balasore (Odisha) and Dakhineshwar (Kolkata) manufacturing quality
newsprint and writing and printing (W&P) paper. Unit 1 at Balasore is one
of the most environmentallyfriendly paper mills in Eastern India, consuming
waste paper for the manufacture of internationally-benchmarked newsprint. The
market for value-added paperboard is expected to grow faster at a compound
annual growth rate of 12% driven by higher demand for branded packaged products
in the FMCG and Pharma sectors, increasing number of product categories
catering to aspirational lifestyles, higher rural demand, and higher
penetration of organized retail and increasing salience of packaging in driving
brand awareness. Towards this end, the Company is going to commission a
state-of-the-art and highly energy efficient
implementation of this project has already been started and will be
completed by March, 2015. the Company is also setting up 10.5MW Turbine
Generator and 65 tonnes per hour (TPH) Boiler to meet the 100% energy requirements of this expansion. Once
completed, Emami Paper will emerge as largest manufacturer of such value added
packaging paper varieties in Eastern India. The project will provide direct and
indirect employment opportunity to about 1,000 people.
IT
SUPPORT
Enterprise
wide IT and ERP infrastructure is monitored and supported by a dedicated in
house IT team in areas such as SAP support, Data Centre Management, Networking,
Software development and systems administration, Hardware Capacity Planning.
The Company has implemented a SAP ECC 5.0 - ERP in July2010. The implementation
was done at the centralised data centre covering the Kolkata Corporate Office,
Balasore and Kolkata plant. SAP supports the Company’s complex business process
with ease. SAP helps streamline business processes and improves connectivity
and information flow across the Company. It also facilitates accelerated and
informed decision-making by providing flawless information and wide scope of
data analysis within a minimal time span. It also reduces paper
work
by the online use of information system and achieves reduced cycle time of
order processing and is now a single platform for all users to share and view
data. SAP Project System functionality has been implemented to manage the
expansion project effectively. Firewalls and end-point security measures have
been taken to enforce strict security practices in all nodes to mitigate risks
and protect IT assets from all threats & vulnerabilities.
RISK MANAGEMENT
EPML
has established a Risk Management Framework under which the risks covering the
entire operation have been identified and categorized as high, medium and low. All
the risks are discussed periodically at Senior Management Committee meetings to
ensure that the risk mitigation plans are implemented and adverse impact of the
risks are minimized.
HUMAN RESOURCE
The
Company is believer of the fact that Human Asset is the biggest asset for any
organization to grow successfully and recognizes people as the primary source
of its competitiveness, and continues to focus on people development by
leveraging technology developing a continuously learning human resource base to
unleash their potential and fulfill their aspirations. The company has been
growing year after year on the strength of its strong human assets. The human
resources team has been continually focusing on the means to achieve the
company’s goals of meeting such growth targets through external recruitment
& right skilling and by improving
the
capabilities of existing people through people development initiatives. The
Company’s HR initiatives have fostered a culture whereby the workforce is happy
and driven to continually improve upon their performance standard.
SAFETY
EPML
has adopted a clearly defined Occupational Health and Safety Policy. Suitable
Personal Protective Equipment (PPE) is provided to all employees. Periodical
Training Programs are conducted on handling of hazardous chemicals, Material
handling, Usage of PPEs, firefighting etc. to improve safety awareness among
the employees and contract workmen. Mill wide Safety Audit, HAZOP study and
Risk Analysis are carried out periodically through experts in industrial safety
and their recommendations are implemented rigorously. Material Safety Data
Sheets (MSDS) are displayed at all the hazardous chemical storage areas.
Testing of Pressure Vessels, Lifting tackles, Safety belts, Conveyor Systems,
Building Stability, Chemical stored FRP tanks etc., are carried out through
competent persons. An updated Onsite Emergency Plan (OEP) and Off-site
Emergency Plan are available to mitigate emergencies. Periodic mock drills on
hazardous chemical leakages and fire incident are conducted to ensure the
effectiveness of emergency preparedness. The entire Mill is covered with fire
hydrant points with pressurized water mains for firefighting. Also fire
extinguishers are provided at strategic points. In addition, one mobile fire
tender is available to tackle any emergency. Since inception, EPML has
maintained an excellent safety record.
INTERNAL AUDIT AND CONTROL
The
Company continues to ensure proper and adequate systems and procedures
commensurate with its size and nature of its business. Implementation of SAP
has also contributed to tightening of control systems. the Company has been
able to adapt adequately to this ERP package and is placed to derive
significant benefits from the same. The control system ensures that :
- All assets are safeguarded and
protected against any loss, wastage and unauthorised usage or disposition.
- All transactions are authorised,
recorded and reported correctly.
- Accounting are properly maintained with
an adequate internal control system which is properly documented with
policy guidelines, authorisation and approval procedures.
- Reliable financial statements are
prepared according to an established management information system (MIS).
These
internal control systems are subject to review by the Audit Committee and Board
of Directors. The Company’s statutory auditors, in their report, confirmed the
adequacy of internal control procedures by the Company. The Company’s extensive
system of internal controls comprises the following features :
- Clearly defined organizational structure.
- Transparency in all spheres of activities in
line with the Quality Management System.
- Adherence with and monitoring of the internal
control system through independent internal auditors reporting directly to
the Audit Committee, which reviews the Committee’s functioning and
findings.
CAUTIONARY STATEMENT
Statements
in the Management Discussion and Analysis describing the Company’s objectives,
projections, estimates, expectations or predictions may be ‘forward looking
statements’ within the meaning of applicable securities, laws and regulations.
Actual results could differ materially from those expressed or implied. The
important factors that could make a difference to the Company’s operations
include global and Indian demand and supply conditions, finished goods prices,
raw material availability and prices, cyclical demand, changes in government
regulations, environmental laws, tax regimes, economic developments within
India and the world, as well as
UNSECURED LOAN
|
PRTICULAR |
31.03.2014 |
31.03.2013 |
|
Short-term
borrowings |
|
|
|
Working Capital Loans |
|
|
|
-
From Banks |
1016.125 |
1033.950 |
|
Buyer Credit for Capital goods |
145.663 |
97.273 |
|
Total |
1161.788 |
1131.223 |
AUDITED
FINANCIAL RESULT FOR THE YEAR ENDED 31ST MARCH, 2015
(Rs.
In Million)
|
|
|
Three Months
Ended |
Current Year
Ended |
||
|
31.03.2015 |
30.12.2014 |
31.03.2015 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from
Operations (Net of Excise Duty) |
1274.900 |
1308.800 |
5210.200 |
|
|
|
Total Income
from Operations (Net) |
1274.900 |
1308.800 |
5210.200 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
801.100 |
872.200 |
3428.000 |
|
|
|
b. Changes in inventory of finished Goods, work- in-progress and
Stock-in-trade |
10.600 |
(46.500) |
(116.800) |
|
|
|
c. Employees Benefit Expenses |
80.300 |
80.400 |
311.400 |
|
|
|
d. Power and Fuel |
145.100 |
169.000 |
639.100 |
|
|
|
e.Depreciation and Amortisation Expenses |
87.500 |
60.600 |
266.500 |
|
|
|
f. Other expenses |
103.000 |
110.600 |
427.800 |
|
|
|
Total Expenses |
1227.600 |
1246.300 |
4956.000 |
|
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items |
47.300 |
62.500 |
254.200 |
|
|
4 |
Other Income |
20.900 |
13.300 |
69.400 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
68.200 |
75.800 |
323.600 |
|
|
6 |
Finance Costs |
56.600 |
35.000 |
150.700 |
|
|
7 |
Profit from
ordinary activities before tax |
11.600 |
40.800 |
172.900 |
|
|
8 |
Tax Expense |
18.400 |
7.400 |
51.200 |
|
|
9 |
Net Profit After
Tax |
(6.800) |
33.400 |
121.700 |
|
|
10 |
Paid-up equity share capital (face value of Rs.2 per share) |
121.000 |
121.0 |
121.000 |
|
|
11 |
Earnings Per Share |
|
|
|
|
|
|
Basic EPS |
(0.37) |
0.31 |
1.16 |
|
|
|
Diluted EPS |
(0.37) |
0.31 |
1.16 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
12 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
15140914 |
15140914 |
15140914 |
|
|
|
- Percentage of shareholding |
25.03% |
25.03% |
25.03% |
|
|
13 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
NIL |
NIL |
NIL |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
45358136 |
45358136 |
45358136 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
74.97% |
74.97% |
74.97% |
|
Note:
1. The Audited
financial results have been reviewed by the Audit Committee and approved by the
Board of
Director of the Company at their meeting held on 6th May, 2015
2. The company has only one reportable business segment in which it operate i.e. paper and paper Board including Newsprint.
3. The company has provided depreciation based on useful life prescribed under Schedule II to the Companies Act, 2013 which has resulted into lower depreciation of Rs. 55.451 Million for the year. Depreciation for the year includes a sum of Rs. 16.285 Million, which is provided towards transitional depreciation on account of assest having nil usefull life as on 01.04.2014
4. The company has successfully commissioned its 1, 32,000 tpa multi-layer coated board expansion project along with 10.5 mw captive power plant at balasore (Orrisa). Trial commissioning testing activities of the plant has been started in March 2015
5. The Board of Director has recommended a dividend of Rs. 0.60 per share on Equity Share of Rs. 2/- each and pro-rata division on 8% Cumulative redeemable non-convertible preference share of Rs. 100/- each from the respective date of allotment for the financial year 2014-2015.
6. Previous period figures have been regrouped wherever necessary.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10472131 |
25/08/2014 * |
715,000,000.00 |
IDBI Bank
Limited |
DIFC Branch,
Dubai, Level 3, Gate Village 5,, Dub |
C21921580 |
|
2 |
10445633 |
25/08/2014 * |
595,000,000.00 |
ALLAHABAD BANK
(ACTING FOR ITS HONGKONG BRANCH) |
INDUSTRIAL
FINANCE BRANCH,, 17, R. N. MUKHERJEE R |
C20905287 |
|
3 |
10440092 |
23/03/2015 * |
2,550,000,000.00 |
AXIS BANK
LIMITED |
CORPORATE
BANKING BRANCH (CBB), 3RD FLOOR, AC MAR |
C51523389 |
|
4 |
10432978 |
25/08/2014 * |
835,660,000.00 |
EXPORT-IMPORT BANK
OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
C28559102 |
|
5 |
10426155 |
01/11/2014 * |
305,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, Guj |
C36515062 |
|
6 |
10426156 |
13/06/2014 * |
400,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, Guj |
C06737779 |
|
7 |
10371779 |
13/06/2014 * |
600,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, Guj |
C06729909 |
|
8 |
10371780 |
06/04/2015 * |
600,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, Guj |
C49569841 |
|
9 |
10343670 |
25/08/2014 * |
500,000,000.00 |
STATE BANK OF
HYDERABAD |
COMMERCIAL
BRANCH, 83 TOPSIA ROAD, KOLKATA, West |
C21902804 |
|
10 |
10148549 |
25/06/2014 * |
510,000,000.00 |
DBS BANK LTD. |
4 A NANDALAL BASU
SARANI, KOLKATA, West Bengal - 7 |
C09452178 |
CONTINGENT
LIABILITIES:
a) Contingent liabilities not provided for in
respect of:
i) Outstanding
guarantees and letters of credit furnished by the bankers on behalf of the Company
amounting to Rs.93.778 Million (Rs. 66.444 Million) is secured by hypothecation
of current assets, as specified in Note 2.7 and that amounting to Rs. 13,
80.742 Million (Nil) is secured by deposit of title deeds of immovable
properties and hypothecation of movable fixed assets, as specified in Note 2.3.
ii) Sales tax /
VAT / entry tax / central excise duties / service tax / ESI contribution and
other taxes under appeal / review (net of advances) - Rs 1, 65.843 Million (Rs.
1, 30.055 Million).
iii) Bonds /
undertakings given under EPCG scheme to custom authority - Rs. 1, 22.842
Million (Rs. 85.193 Million).
iv) Withdrawal of
incentive tariff of electricity by NESCO (net of advance) - Rs. 4.626 Million
(Rs.4.626 Million).
b) Capital and
other commitments :
Estimated amounts
of capital contracts remaining to be executed and not provided for (net of
advances) Rs. 25,537.71 Million (Rs. 11,23.878 Million).
FIXED ASSETS
Tangible assets
- Freehold Land
- Leasehold Land
- Buildings
- Factory Building
- Non Factory Building
- Plant and Equipment
- Office Equipment
- Furniture and Fixtures
- Vehicles
- Intangible
Assets
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.70.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.